By Kim Glovas

PHILADELPHIA (CBS) — The Bourse on Independence Mall is undergoing major renovations, and Monday, the first retailers to occupy the space were announced.

Everyone attending the announcement had to wear hard hats because the inside of the Bourse is a shell, there are no businesses in there now. Except for those in the office space above.

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“We are gathered here to celebrate the excitement of having one of out city’s most iconic and historic buildings reborn in the 21st century style,” said City Representative Sheila Hess.

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(credit: Kim Glovas)

The work is being done by real estate developer MRG Philadelphia.

“The top of the building is where we started with our office redesign and we’re working our way down while we’re doing the construction down here, because of the noise,” said Managing Director Charlie McGrath. “The top floor is just phenomenal. We have exposed bricks, steel beams, floor to ceiling glass. It’s the nicest office space in Philadelphia.”

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The newly renovated Bourse is expected to open May 2018.